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Old 30-03-2007, 06:31   #16
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A cursory search on < stolen boat > reveals a plentitude of available advice and help”

How to Avoid Purchasing A Stolen Boat ~ by David H. Pascoe
Boats, Yachts: How to Avoid Purchasing A Stolen Boat

Florida’s Stolen Boat Search Page:
FDLE Stolen Boat Search Form

Has your boat been stolen? Use the power of the internet to help recover it. This site will provide a means to have your plea online, FREE.
My Boat Was Stolen !

and much more ...
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Old 30-03-2007, 12:02   #17
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When my Dad sold his Newport 30 on a contract he did something really wise. After checking the guys credit and so on (which all looked good) he cross colateralized it-- meaning my Dad had an attorney draw up a lien against the boat and his house. If something happened to the boat my dad could go after the guys house. If i were to sell with seller financing I would do somehting like that. Otherwise it would be too risky.
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Old 15-04-2007, 05:25   #18
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Marine Liens Limited - Look up or Publish Boat Lien Information:
Welcome to MarineLiens.com - Reduding the Risk
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Old 15-04-2007, 10:48   #19
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As usual, Pblais, you are very well-informed . . .

. . . and, to my understanding, spot on.

IMHO, you are absolutely correct that, should it come to a legal proceeding to sort things out, the court is interested in one thing over all others; i.e. the "four corners" of the written contract. Only what is written there can form a solid foundation upon which to erect a sensible legal finding.

In one of your posts, though, I believe it didn't come out the way you intended.

Quote:
Originally Posted by Pblais

If you still hold the title it's like you are loaning the boat to the seller and you still own it even if you have a sales contract. What you want to do is encumber the title so he can't sell the boat until you send in a written notarized official satisfaction of mortgage! At that point the seller can transfer the title to another party.
Am I correct that you meant to say that if you (meaning the seller, I believe) still hold the title, it's like you (again, the seller) are loaning the boat to the buyer, and you (the seller) still own it even if you (the seller) have a sales contract? What you want to do is encumber the title so he (the buyer) can't sell the boat until you (the seller) send in a written, notarized official satisfaction of mortgage! At that point the seller (you) can transfer the title to another party.

Otherwise, it just doesn't track for me. If I have misunderstood your intent, please straighten me out. Clearly, you are an authority in this area, and I value your insight.

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Old 27-04-2014, 10:31   #20
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Exclamation Re: Seller Financing?

I know this thread is super old, but I tripped over it looking for info so maybe others still are too...

Just wanted to chime in regarding the insurance (I'm a licensed P&C agent). Assuming one sells the boat in a similar fashion to a car/home, it is NOT recommended that the owner-turned-leinholder be an "additional insured" on the boat's policy; they should be an "additional interest." This seemingly small and often-confused distinction actually makes a HUGE diff concerning the policy parties duties/rights.

Here's a good writeup of the diff between terms: Named Insured vs. Additional Insured vs. Additional Interest vs. Loss Payee vs. Mortgagee | Insurance and Information For Real Estate Investors

Or, search for "additional insured vs additional interest" in your engine of choice and take your pick of the results, and/or have a conversation with your agent.

Another relevant topic is CPI: Collateral Protection Insurance. It's an optional safety net for leinholders, standard on commercially financed cars, and I imagine it would be available for boats as well. It provides coverage for the asset's protection in the event the buyer's policy lapses. More info here: Collateral protection insurance - Wikipedia, the free encyclopedia
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